A new bill put forth by Rep. Matthew Birong and nine co-sponsors would replicate the New Hampshire approach to sports betting in Vermont.
The bill, H127, would allow anywhere from two to six Vermont sports betting operators regulated by the Department of Liquor and Lottery. However, the bill does allow for a single operator if there are not enough qualified applicants. New Hampshire currently offers a single sports betting operator, DraftKings Sportsbook.
The bill heeds most of the suggestions offered in December’s report from the 2022 Sports Betting Study Committee, which the legislature approved and formed last year.
Approved operators would pay an annual licensing fee of $275,000 to operate in the state. Revenue share between the sportsbook and the state would depend on what was offered during the competitive bidding process.
Within each competitive proposal, operators will need to provide in addition to a proposed revenue split:
- Gross gaming revenue projections
- The number of websites they are proposing in Vermont
- A responsible gambling plan
- A list of jurisdictions where the operator is currently licensed and operational
- An elaborate description of the player acquisition model including affiliate and advertising spend as well as a method for converting players betting via offshore sites
- A timetable to launch in Vermont
- Information on integrity monitoring
- A detailed market analysis and business plan to ensure long-term revenue
Should Vermont pass the law and replicate Vermont, the revenue share there is 51% for the state. New York instituted a 50% tax rate for its nine operators, which has been the source of much criticism and debate as well as a new bill that would allow the state to revisit the tax structure.
